H.B. 265 Enrolled

MINING BOND AND SURETY FORFEITURE FUND
1997 GENERAL SESSION
STATE OF UTAH
Sponsor: Michael R. Styler
AN ACT RELATING TO MINES AND MINING; CREATING AN EXPENDABLE TRUST
FUND KNOWN AS THE BOND AND SURETY FORFEITURE TRUST FUND; AND
SPECIFYING CONTENTS OF THE FUND AND USE OF FUND MONIES.
This act affects sections of Utah Code Annotated 1953 as follows:
ENACTS:
40-6-19, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 40-6-19 is enacted to read:
40-6-19. Bond and Surety Forfeiture Trust Fund created -- Contents -- Use of fund
monies.
(1) There is created an expendable trust fund known as the Bond and Surety Forfeiture
Trust Fund.
(2) Monies collected by the Division of Oil, Gas and Mining as a result of bond or surety
forfeitures shall be deposited in the fund.
(3) Interest earned on monies in the fund shall accrue to the fund.
(4) (a) Money from each forfeited bond or surety, together with interest, shall be used by
the Division of Oil, Gas and Mining to accomplish the requisite performance standards under the
program to which the forfeited bond or surety corresponds.
(b) Any money not used for a project shall be returned to the rightful claimant.